EG Group Ltd., the parent company of EG America LLC, has reached an agreement to sell its more than 550-unit U.K. convenience-store and gas station business to co-founder Zuber Issa for $290.117 million, EG Group said in a trading update for its first-quarter 2024.
On completion of the transaction, Zuber Issa will step down as co-CEO of EG Group, with his brother, co-CEO Mohsin Issa, continuing to lead the business as sole CEO. Zuber Issa will retain his existing shareholding in the company and remain on the board as a nonexecutive director.
.TDR Capital, a London-based private equity firm, has agreed to acquire Zuber Issa’s shares in U.K. supermarket and gas station retailer Asda. Mohsin Issa remains a co-owner in Asda alongside TDR Capital. This brings the ownership of Asda to 67.5% by TDR Capital, 22.5% by Mohsin Issa and 10% by Walmart Inc.
“We are pleased to reach an agreement for the divestment of our remaining U.K. forecourt business and as we work towards completion, the focus on our key growth opportunities remains unchanged, and we are confident that EG Group is well placed to deliver further success in the future,” the Issas said “We have had an amazing journey together building EG Group over the last 20 years, and we both look forward to continuing to work closely together as fellow board members and shareholders in EG Group.”
Original story EG Group Selling U.K. C-Store Business to Zuber Issa, Getting Sole CEO (cspdailynews.com)
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